While Session has final authority over all funds, they will ask OMEC for guidance and recommendations on the distribution of the income from the Endowment Funds.
The Endowment Funds are expected to generate between $15,000 and $20,000 per year for distribution. Based on the chartering documents the following guidelines are already in place for the distribution of fund income:
- The Endowment Fund of Riverside Presbyterian Church – “Not less than 50% of the income shall be used for missions in the church, community and world”. “Not more than 50% of the income may be used for capital improvements to the church, over and above the annual operating budget”.
- The Kathryn & Harold Bookbinder Endowment Fund – “—not less than 75% of the endowment fund must be used by the church to support social concerns programs, including but not limited to human suffering, hunger, mental or physical illness, poverty, and homelessness”.
The above guidelines provide a broad framework for giving.
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